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Gloucestershire Business News

HOT PROSPECTS: Buoyant financials from Gloucester firetech firm's owner

On the back of record quarterly revenue growth, Mitie Group, the parent company of Gloucester's fire tech experts GBE Converge, has updated its share capital and voting rights, which shows that the Group has issued 1,273,105,718 shares at 2.5p.

Now eight months into a three-year strategic plan, the Glasgow-based facilities management, energy services, and strategic outsourcing giant has 68,000 employees and is a keen player in cleaning, security, engineering, and property management.

In a deal estimated at around £27m, Mitie acquired Barnwood-based GBE in November 2023 with an eye on the growing need for 'smart' buildings; Mitie subsequently absorbed GBE's staff of 160 into its Fire and Security Division and the customer-facing entity is now 'GBE Converge - A Mitie business'.

Recent projects subsequently portfolioed by GBE include a comprehensive voice alarm system for Network Rail National Centre and the development of safe refuge areas for Bradford College, in Bradford.

Latest accounts from Mitie showed revenue for the six months to 30 September 2024 rose 14% to £2.4bn (H1 FY24: £2.1bn), generating a pre tax profit of £94.5m (H1 FY24: 84.3m).

Additionally, the Group's figures, announced last week for the three months to 31 December 2024, showed revenue of £1.317bn, a rise of 15% on £1.146bn 12 months earlier. 

On the back of the quarterly growth, the Group said it was confident in its outlook, having enjoyed "good trading momentum", with Q3 revenue 4 per cent above Q2 and 13 per cent higher than the first quarter.

● Mitie now enjoys partnership with some 3,000 bluechip clients across government, healthcare, and financial services, offering services that include building fit-outs, decarbonization, and telecoms infrastructure. The company has been recognized both for its sustainability efforts and as a top UK employer.

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